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"The government of Rio de Janeiro encouraged the organizers to seek cultural and sports incentives (funding) and they failed to do so. Soccerex were advised to seek funding to host the event so that the state would not have to use public money."

The decision to cancel the conference has led to Soccerex issuing a statement to confirm its plans to take legal action against the Rio state government.

"Preparations for the event at the Maracana Stadium were well advanced with content planned, speakers confirmed and partnerships in place," Soccerex said in a statement.

"To be summarily canceled in such a cavalier fashion, having hosted 33 events over five continents, is extremely frustrating but nevertheless it has happened and is in contravention of all of the contractual obligations of the Rio State Government, who have been notified of our intention to instigate legal proceedings for substantial compensation."

Soccerex CEO Duncan Revie believes the move is "unique and cruel" and offered a full apology for the episode.

"On behalf of all at Soccerex, I would like to apologize to every business, football club, league, federation and media organization affected by this news," he said.

"This unique and cruel conclusion to our time in Rio was completely out of our hands and everyone who has attended a Soccerex event over the last 18 years will know this is not how we do business."